Pandemic living has changed how Canadians think about renovations. Many have renovated their spaces to enhance the work at home experience. Topping the list of updates homeowners most want are: backyards, kitchens and bathrooms. With all this extra time at home, Canadians are investing in their spaces by making repairs and adding functionality, simply to ‘liven up’ the new normal we’re living in. There are certain places in your home that are definitely worth renovating as not only can they enhance your home-life, they also enhance your home value. These are the renovations you can make with the highest return of investment (ROI):
Painting
Painting is a great inexpensive way to increase your home’s value. You can never go wrong with a fresh coat of paint. Typically, painting the interior results in a 107 percent on the ROI, and painting the exterior leads to a 55 percent ROI, according to a HomeGain Top DIY Home Improvements for Sellers survey. This also applies as long as the colours aren’t too crazy and the job is done neatly, or professionally. Light, neutral wall colours make for a good palette for resale because buyers can easily imagine their belongings in the space.
Kitchen Renovations
Kitchen renovations, such as new kitchen counters, hardware or cabinet faces are among the highest for home renovation ROI. As the kitchen is the heart of the home and everyone’s favourite room, it is clear why giving this space a new look will up the value of your home.
Bathroom Renovations
A bathroom makeover is one of the best renovations to do before selling. Before you begin, you must outline your priorities and identify the work that will make a real difference-the shower, vanity, wall tiling? Wherever your eye is drawn to first, that should be the first to tend to.
Flooring
New flooring is a great renovation for ROI- as long as your avoid rookie flooring mistakes. The secret? Not so much the material, but how well the floor is installed. Floor installation is something best left to the professionals.
Landscaping
A simple way to modernize your home’s exterior and boost its value is to landscape your home. The secret lies in getting rid of clutter so that the new owners have room to bring their own touch to the garden.
Open-Concept
An open concept design can improve flow and give the illusion of more space, so it’s especially good to consider if you have a small home. Consider the layout before you go knocking down walls, especially if they are load-bearing. Extra costs (such as for a structural engineer) will drive the renovation price way up, perhaps over budget.
Important Home Renovation Tips
TIP: Some renovations will require you to apply for a building permit, and afterwards a visit from a city inspector at different stages of renovations to ensure the work is to code. It is always favourable to have permits for completed renovations so Buyers know the work was done properly and safely.
TIP: Don’t start without a budget! Do your homework and research. Always add a bit extra to your total renovation budget for unexpected costs that you may incur. Although you may be disappointed with having to spend dollars on items you can’t see when your renovation is done, it is important to do it right to avoid issues and costs down the road.
TIP: Everyone wants a home renovation job done quickly. However, with some patience and understanding that it takes time, fewer and less costly mistakes will occur.
I love the light/white tones. I really want to paint ours now.